Some companies are highly desirable because of their long-term track record of successfully delivering profits from a portfolio of iconic brands and businesses that consistently generate cash. When they're trading at lower than usual valuations, it gives you a good entry point for jumping on the gravy train.

Founded in 1928, Minneapolis-based General Mills can credibly claim ownership of the family kitchen table. It's likely that one of its breakfast cereals like Cheerios and Wheaties, or its Pillsbury, Green Giant, Betty Crocker and Gold Medal Flour brands are somewhere in your cupboards right now. Staples like these keep revenues growing at relatively stable if unspectacular rates.

General Mills is expected to grow sales 6% to $17.7 billion for the current fiscal year ending May 2013. International sales are growing 22%, although earnings will be flat with last year, capped by one-time charges in 2012 for acquisitions of brands in Canada, Brazil and the U.S.

Over the last 30 years, General Mills has never missed a quarterly dividend and never cut the dividend. The current quarterly payout of $0.33 is up 10% from last year, and double what it was in 2005. The payout ratio is a non-stressful 46% of earnings and 44% of cash flow, good for a 3.17% yield.

Analysts expect General Mills to produce 8% EPS growth into 2014 on a 4.5% increase in revenue. With the stock trading at a market multiple to this year's earnings, and the dividend yield nearly 50% higher than the S&P 500, General Mills looks ready to serve.

Its 15.5 P/E is less than the 17.5 multiple of competitor Kellogg, and General Mills trades for an enterprise value-to-EBITDA multiple of 10.1, well below 12.4 for Kellogg. In addition, General Mills' price-to-book value multiple of 3.6 is much leaner than Kellogg's 8.5.

General Mills' price-to-sales and price-earnings ratios below their three-year averages. In fact, getting back to its 5-year average P/E of 16.7 would produce a stock price north of $48.40 per share for General Mills.